Kentucky’s unemployment rate is now at the lowest point in 15 years. Figures released Thursday by the state show that the July unemployment rate was 4.9 percent, the lowest in Kentucky since May 2001.
The state is now on par with the national average which also posted a 4.9 percent jobless rate last month. Manoj Shanker, an economist at the Kentucky Office of Employment and Training, says Kentucky is at nearly full employment.
"When the unemployment rate is 4.9 percent, that means that anybody who really wants a job has a job," Shanker told WKU Public Radio.
On the flip side, the low jobless rate can present a challenge for employers, making it difficult for them to find workers without raising wages or bringing them in from other states.
Kentucky’s strongest job sector continues to be manufacturing followed by the financial activities sector. The retail trade, construction and government sector all reported losses last month.